Fort Myers, Florida — NeoGenomics, Inc. reported an 11% increase in second-quarter revenue and raised its full-year 2026 revenue and adjusted EBITDA guidance as demand for advanced oncology testing continued to grow.
Revenue for the quarter ended June 30 rose to $202 million from the same period a year earlier. Clinical services revenue increased 14% to $187 million, driven by 26% growth in next-generation sequencing revenue.
Clinical testing volume increased 2%, while average revenue per clinical test rose 12% to $515.
NeoGenomics reported net income of $2 million, compared with a net loss of $45 million in the second quarter of 2025. The latest results included an $11 million gain from the extinguishment of debt.
Adjusted EBITDA increased 36% to $14 million from $11 million a year earlier. Adjusted net income rose to $7 million from $4 million.
“Our second quarter results reflect the consistent operating and financial performance investors expect from this team,” Chief Executive Officer Tony Zook said. “Revenue growth of 11% year-over-year exceeded our outlook, with NGS revenue growth of 26% reflecting a continued mix shift to more advanced testing modalities.”
Gross profit increased 19% to $92 million, while the reported gross margin was 46%. Adjusted gross margin rose 260 basis points to 48%.
Operating expenses declined 19% to $102 million, primarily because the year-earlier period included $20 million in impairment charges.
The company generated $20 million in cash from operations and ended the quarter with $146 million in cash, cash equivalents and short-term investments.
During the quarter, NeoGenomics completed a $316 million private offering of 0.75% convertible senior notes due in 2032. It used part of the proceeds to repurchase about $276 million of its 0.25% convertible notes due in 2028 and entered into capped-call transactions intended to reduce potential dilution.
The company also repurchased $25 million of its common stock.
NeoGenomics said it strengthened its commercial strategy by launching a dedicated pathology and oncology sales team. It also submitted new evidence for its RaDaR ST test to MolDx in support of Medicare reimbursement for an additional indication. The company now has three RaDaR ST submissions awaiting approval.
NeoGenomics also finalized a civil settlement with the U.S. Department of Justice related to a self-disclosed matter involving consulting services provided by the company.
For 2026, NeoGenomics now expects revenue of $802 million to $806 million, compared with its previous forecast of $797 million to $803 million.
The company narrowed its projected net loss to between $34 million and $42 million, from its previous range of $50 million to $63 million.
Adjusted EBITDA is now expected to be between $56 million and $58 million, up from the previous forecast of $55 million to $57 million.
NeoGenomics provides oncology-focused genetic testing and diagnostic services to oncologists, pathologists, hospitals, academic centers and pharmaceutical companies. The company operates laboratories in the United States and the United Kingdom.
